Buying a Property?

Purchasing a home is exciting as much as it is frustrating, after all it is a big commitment. If you are prepared and have the right assistance, the procedure can be fun! These are a few tips that might help you in the process.

  1. Savings – Make sure you have at least 10% of the price of the property on hand, as this is usually required as down payment.
  2. Finances – It is ideal that if you are getting financed by the bank you are aware of how much the bank will give you before starting your search. Too many times clients see a property that they like but the bank then refuses to give them the amount they request.                                                                                                                                This link can be helpful: Home Loan Calculator
  3. Expert Advise – As soon as you announce that you’re looking to buy property, you can expect friends and family to come out of the woodwork with all their well-intentioned advice. Remember that principles that may have been true in the past don’t necessarily continue to be so in the ever changing property market.
  4. Key Features – It’s always a good idea to make a list of key features you want in your new home. Talk to friends and family members who own a home and ask them what features they wish they had or didn’t have. The number of bedrooms, bathrooms, or, do you want an office?  Open or closed floor plan. Most likely you will not find a house that has everything on your list so you should prioritise it, which features are a must and which are preferred. Be ready to compromise.
  5. Hire the right real estate agent – You’ll be working closely with your real estate agent, so it’s essential that you find someone you get along well with. The right buyer’s agent should be highly skilled, motivated and knowledgeable about the area.  

We at Belair do our best to provide the best customer experience and professional assistance to clients looking to purchase a property. Our agents go through thorough training to make sure they are prepared to service our clients in the best way possible. Our aim is to make this journey as smooth as possible. If you are looking for your first home or perhaps looking at buying as an investment, give us a call.

The rental market in the North

 

In November 2018, ARQ Economic & Business Intelligence, an economic advisory firm part of local professional services company ARQ Group, issued Malta’s first housing rental index. It was no surprise that their research found that the rents in Malta have increased drastically. 

Rent increase most pronounced in the North & Western regions

Their research also uncovered that rent increase was mostly seen in the north and western parts of the island. In the north the increase mostly affected three-bedroom apartments, maisonettes and penthouses. Two-bedroom maisonettes also saw an increase. One of the factors contributing to this rise might be foreign workers primarily looking at the Northern regions due to them being commercial and entertainment hubs and also house a large percentage of hotels and restaurants.

 

Is rent affordability  becoming a challenge?

Although there is concern that rent affordability is becoming a problem, we at Belair still find it hard to find available properties for our clients here in the north. We never seem to have enough property on our database no matter how substantial it is. Belair Mellieha branch has been open for two months now and we are on a roll. We have a high demand for rental properties, thus we are always looking for new properties to add to our portfolio. If you are interested in renting your property kindly contact us so we can discuss in more detail and reply to any questions that you might have. Our seasoned letting agents can make this process smooth and hassle free.